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Collection of Corpus Fund by RWA and imposing of fines.
06-Jan-2025 (In Recovery Law)
At the time of sale, our builder didn't collect any corpus funds. Now RWA has recently decided in Dec 2024 to collect corpus and is making it mandatory to pay either as lump sum or in 12 installments. If someone disagrees to pay in 12 installments but wants to pay in 4-6 installments within the timeline of 12 months targeted by RWA, can RWA impose penalties for late payments if the payments are done towards last few months of the year without exceeding the timeline set?
hi first need to see the byelaws of the association and whether it empowers the association to collect the corpus funds and then if they are demanding penalties then you could send legal notice to them
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Adv. Baddam Aravind Reddy
Secunderabad | 1000+ Answers
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